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Friday, July 2, 2010

HVUT Taxation Period

It’s all about the taxation period! From July to June of the following year.

For the most part the federal Heavy Vehicle Use Tax Form 2290 is self-explanatory. You’ll need to:

Figure and pay the tax due on highway motor vehicles used during the period with a taxable gross weight of 55,000 pounds or more.

If the vehicle is expected to be used 5,000 miles or less--or 7,500 miles for agricultural vehicles--claim suspension from the tax.

You can claim a credit for tax paid on a vehicles that were destroyed, stolen, sold or used less than 5,000 miles.

For more information, and to easily file your form. Use online tax filing software.

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